Monday and Tues of this week I spend 2 full days at a seminar presented by Alex Charfen of the Charfen Institute.  The seminar is called AgentGPS, which stands for Growth Profitability & Stability.  What a wonderful course.  Instead of a presenter force-feeding you information, Alex presented us with the tools needed to basically either start your business over from scratch or make some minor adjustments to your business to get it to the next level.  The seminar is just the start.  It's…

As always please call your CPA/Accountant or the IRS for detailed info. about your specific situation.  Here is the IRS publication that deals with cancelled debt.  One of the key things distressed sellers may want to look into is insolvency.

IRS for 4681 re: Cancelled Debt

Please contact me if you are a Broward county Florida resident who has questions about short sales.

I was researching the latest bulletins from both Fannie Mae and Freddie Mac and the keys to both are 90 days delinquent and less than 620 credit score.  What happens when a borrower is more than 90 days delinquent and has a credit score of less than 620? 

• Borrowers are NOT REQUIRED (my emphasis) to make a cash contribution/promissory note
• Servicer is NOT REQUIRED (again my emphasis) to obtain or review the Borrower Response Package (aka short sale…

Working on a short sale for a divorced young lady in Pembroke Pines, FL..  Soon after listing the property I placed a regular combo lock box on the property since it was vacant.  Soon after I get a call from an agent stating there is no lock box on the property!  I then found out that Chase had called my client and told her "we need the lockbox code so we can do a property condition report".  Well of course my client gave them the code.  Chase then proceeded to throw away my lockbox and…

November 1, 2012 short sale changes

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From ballotpedia.org,

The Florida Property Tax, called Amendment 4, is on the November 6, 2012, state ballot in Florida as a legislatively-referred constitutional…

Just letting homeowners thinking about doing a short sale know of some of the last minute craziness that is sometimes unavoidable.  I have a file where the borrowers property took several months to get under contract.  In South Florida, that is a rarity!  Properties here can get multiple offers as soon as the same day of listing.  So in this case the one lender on the file calls me yesterday to advise me if the property does not close in 2 days that unfortunately, the property will have to…

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